Yuan's Room to Roam Still Fenced In

Don't Expect the Currency to Be Let Off the Leash Soon

China's currency is on a longer leash, but its master is still firmly in control.

The People's Bank of China announced the yuan's trading band will widen from 1% to 2% on either side of the daily "reference rate" that the bank sets. Some see the move as a precursor for eventually letting the yuan off its leash completely. A mantra among Communist Party officials lately has been giving market forces a "decisive"...